Democratic Alliance (DA) leader Mmusi Maimane says the country is in recession due to poor economic policies by government.
Maimane addressed the media on his party’s economic recovery plan following news of South Africa slipping into a technical recession last week.
South Africa was last in recession in 2009.
As the rand continues to tumble, the cost of living continues to rise.
The opposition believes they have the solution to turn the economy around.
Maimane says: “What I want to do is table just seven practical things that I believe South Africa can do upfront, the first and most crucial, South Africa must scrap reckless economic policies like the proposed nationalisation of the Reserve Bank.”
It’s been almost a decade since the country last sank into recession and the DA attributes these woes to poor governance.
“The course for the recession is not a function of exogenous factors or international markets; it has a lot to do with South Africa’s own decision making.”
As the country looks to foreign lands such as China for financial aid, the DA is calling on the terms and conditions to be made transparent.
Meanwhile, government is expected to host an economic cluster meeting on Tuesday looking for ways to stimulate the struggling economy.
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